Cloudflare (NYSE:NET) Reaches New 52-Week High After Analyst Upgrade

Cloudflare, Inc. (NYSE:NET)’s stock price reached a new 52-week high during mid-day trading on Wednesday after Truist Financial raised their price target on the stock from $120.00 to $140.00. Truist Financial currently has a buy rating on the stock. Cloudflare traded as high as $140.25 and last traded at $139.54, with a volume of 7634538 shares traded. The stock had previously closed at $126.47.

NET has been the subject of several other research reports. Cantor Fitzgerald began coverage on Cloudflare in a research note on Friday, January 17th. They issued a “neutral” rating and a $111.00 price target for the company. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and raised their target price for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Wells Fargo & Company raised their target price on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday. Mizuho raised their target price on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. Finally, Morgan Stanley raised their target price on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and an average target price of $109.72.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This represents a 1.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Maria S. Eitel sold 6,875 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.00, for a total value of $605,000.00. Following the completion of the transaction, the director now directly owns 5,927 shares in the company, valued at approximately $521,576. The trade was a 53.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 641,132 shares of company stock valued at $69,429,058. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. CVA Family Office LLC increased its holdings in shares of Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after acquiring an additional 171 shares during the last quarter. Quarry LP increased its holdings in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Cloudflare during the 3rd quarter valued at about $38,000. Quest Partners LLC acquired a new position in shares of Cloudflare during the 3rd quarter valued at about $54,000. Finally, Versant Capital Management Inc increased its holdings in shares of Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Performance

The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $47.89 billion, a price-to-earnings ratio of -536.69 and a beta of 1.10. The stock has a fifty day moving average price of $112.25 and a 200 day moving average price of $93.58.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. As a group, analysts predict that Cloudflare, Inc. will post -0.1 earnings per share for the current year.

Cloudflare Company Profile

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.